Now, what will be some of the most impactful securities finance items, good or bad, for 2026? I assume moving to T1 is the

biggest headline of 2026.

Joe, you're absolutely right.

You're spot on.

T plus one certainly started to take a lot of people's time and attention.

I think many are trying to learn the lessons from the US and Canada, which you know by and large was pretty smooth you know on the surface for people looking everything looks smooth but i think that's because there was a lot of communication a lot of prep work and a lot of things that went on there but aside from that one of the sort of the bigger trends or one of the bigger areas that people were looking at uh probably over the past 12 months really has been the middle east and that was getting a lot of people's attention i suppose from the sort you know how many staff who's the new head where we relocating you know companies setting up in riad etc And now it's probably getting even more attention because of the conflict we mentioned earlier.

I suppose one question that a lot of people are thinking is, is this gonna slow down the securities finance markets or just draw more attention to the area which could lead to positives in the long run?